Shopping online just got better! Can you imagine being paid in cryptocurrency while shopping online? You are not bwing paid in any currency which is even better. Your eyes just broadened to the good news. A new reward platform known as Lolli is paving the way for a new cryptocurrency cash back system, to ensure that more individuals have possession of crypto. Users of the service will receive their incentives in Bitcoin when shopping at one of Lolli’s participating online retailers.
The founders of the Lolli platform are no strangers to the online retail world and previously established Cosmic Cart called “universal shopping cart”. Cosmic allows companies to sell their goods online anywhere and it was a huge success. The platform was eventually bought out by another competitor.
The Creators of the platform Alex Adelman and Matt Senter had been involved with other successful projects and decided that this is going to be exceptional. However, they resolved to create a platform which will operate with the latest tech in mind. And that, as you may have suspected or assumed, falls firmly on the lap of blockchain technology.
How The Name "Lolli" Came About
According to one of the creators of the platform, Alex, he explains that when he was a young boy his father would often take him and his sister to the bank. Although, he wasn't really a fan of banks but looked forward to that little reward he got at the end of each trip to the bank – a lollipop. Alex strongly believes that Bitcoin is the future of the banking system and concluded that all that’s lacking in the system is a Lolli, something that people will look forward to when shopping.
How Lolli Works
This is not the first of its kind, there have been some loyalty reward programs around for a couple of years. Who wouldn't like a gift for doing a little shopping online? And while the system hasn’t changed so much, the founders are hoping that the increase in popularity and acceptance of cryptocurrencies will continue to attract new users to the platform.
The formula has not changed from Market > sell > earn commission, except for the fact that when you do your shopping online at one of Lolli’s partner sites, they take a percentage of revenue from the retailer and share a percentage of the commission with you. And this commission is paid directly into your Lolli wallet in Bitcoin. This is how the platform operates.
Lolli Wallet & Browser Extension.
The fastest and easiest way to connect with their rewards program is through the browser extension which has been made available for both Chrome and Safari browser extension. The extension will automatically notify you when you visit a partner site and also provide the rundown of the Bitcoin-back you’ll be eligible for according to the retail stores.
Once you’ve installed the browser extension, you just have to shop as you would normally. Then you will be rewarded (as visible above) at your favourite store. Finally, once you’ve made your desired purchase, Bitcoin will be sent to your wallet. It’s that easy.
The Lolli browser wallet allows you to withdraw their savings into your bank account as soon as your balance reaches a minimum amount of $15. Furthermore, the developers are making progress in launching 2 new features that will allow the you to transfer their Bitcoin acquired through hard-shopping to another cryptocurrency wallet of your choice. This is a significant improvement since online wallets or hot wallets (as it is popular known) are more prone to hacking.
Who are The Retailers?
Consumers have been using cryptocurrencies especially Bitcoin for their shopping online for at least a few years now. The challenge, however, is that transacting and storing with virtual currency has mostly been the territory of technical people. In addition to that the persistent issue of cryptocurrency theft, you can see why adoption of cryptocurrency has been a slow but steady procedure.
Regardless, of these challenges with the Crypto market, the number of websites where Bitcoin is used has continued to experience growth. And some prominent name brands such as Hotels.com, Office Depot, Bloomingdales, Barnes & Noble, and Macy’s among others, these platforms are already connected to the platform. Lolli already supports over 500 retailers and requests for additional ones can be made possible by making direct contact with the team.
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Disclaimer:
This information should not be interpreted as an endorsement of any crypto-industry or cryptocurrency, offering or service. It is not a recommendation to trade. Please do your research, before investing in any project.